SEC v. David S.Y. Chang (2023)

Settled

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In 2023 the SEC settled an administrative proceeding against David S.Y. Chang, a former adviser representative, imposing remedial sanctions on the strength of earlier Hawaii and other state orders against him.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

On January 23, 2023 the SEC accepted a settlement with David S.Y. Chang under Exchange Act Section 15(b) and Advisers Act Section 203(f). The order rests on a June 2020 Hawaii consent order that revoked his registration as an investment adviser representative and on a later order against his affiliated company, which recite findings of deceit relating to loans from advisory clients and of selling unregistered securities.

The SEC itself finds no Section 5 violation. The state-order recital of unregistered sales is background to a follow-on sanction, so the record carries no technique tag.

This library does not assign a technique tag to the matter, because no technique page in the current taxonomy describes the conduct the document records.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

1. 2023-01-23 Administrative proceeding instituted (findings)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.